OpenDialog AI, a London-based newly launched company that is all set to unlock the potential of conversational AI tech, has secured $5 million in initial seed funding. The investment came in four weeks with an oversubscription of potential investors.
This round is an indication of a sector that is expected to grow to an estimated $46 billion market globally by 2028. The proceeds of this initial seed round will be used by OpenDialog AI for further product development. Also, it will support the company’s plans to expand in the UK and other major global markets.
Terry Walby, co-founder of OpenDialog AI commented: “OpenDialog will finally enable businesses and consumers to realize the game-changing potential of conversational AI – moving beyond the often painful experiences delivered by current chatbots and AI assistants. The market has been crying out for a solution like this, one that not only drives real operational efficiencies but also enhances and joins up customer experience across a wide range of channels. “We’ve brought together a highly experienced team that is incredibly excited about the potential of this technology, and this initial round of funding will enable us to quickly scale the business and build on the foundations that are already in place.”
How was OpenDialog AI born?
OpenDialog AI was founded by Terry Walby (founder and CEO of Thoughtonomy, which was sold to Blue Prism for $100 million), Dean Chapman (previously the Chief Commercial Officer of Thoughtonomy) and Dr. Ronald Ashri, who led the research on which OpenDialog’s AI capabilities are built.
The three co-founders came together to commercialise and further develop the product to address the challenges and issues with existing conversational AI technologies and build an ambitious new company in the space – one that will transform how humans interact with machines.
Unique approach to conversational AI
OpenDialog enables enterprises of all sizes and across every industry to have truly engaging interactions. It applies groundbreaking AI research and fundamental principles of human conversation and helps enterprises overcome the current challenges in great conversational applications.
OpenDialog provides a completely unique approach to developing rich conversational interfaces to your systems and business processes. The conversational AI platform designs, develops and deploys smarter human-to-machine conversations. It enables brands to have truly engaging interactions and has already secured several high-profile brands as customers including; BDO, Peppercorn Insurance and The Cyber Helpline.
Commenting on the impact of OpenDialog, Daniel Gweder, head of innovation, BDO Switzerland, said, “OpenDialog enables us to provide innovative and automated support for our clients in a highly regulated environment. To my knowledge, it is the only tool to provide such a seamless integration of services and technologies to support our collaboration with clients”.
Commenting on the technology, Dr. Ronald Ashri, co-founder of OpenDialog AI, said: “OpenDialog, through a novel combination of AI techniques, introduces a new approach for facilitating natural, context-rich conversations with machines and makes these capabilities easily accessible to all enterprises.”